This study explores how global economic policy uncertainty (EPU) shocks comove with stock returns (SR) of eight African countries—Botswana, Ghana, Kenya, Morocco, Namibia, Nigeria, South Africa, and Zambia. The study employed daily data from December 2010 to December 2019 using wavelet coherence analysis. The results showed that global EPU comoves with most of the SR of African markets and was concentrated in the longer term, especially during the period between 2011 and 2019, although not substantially. The findings indicate that short-term investments in African stocks are less susceptible to global economic policy uncertainty. It is recommended that foreign investors could hedge agaist policy uncertainties by investing in stock listed in African Stock exchanges while appropriate country-level policies are deployed to manage long-term effect of EPU.

中文翻译：

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非洲的经济政策不确定性和股票收益率：小波相关分析

这项研究探讨了全球经济政策不确定性（EPU）与八个非洲国家（博茨瓦纳，加纳，肯尼亚，摩洛哥，纳米比亚，尼日利亚，南非和赞比亚）的股票回报率（SR）的关系。该研究采用小波相干分析方法收集了2010年12月至2019年12月的每日数据。结果表明，全球EPU与非洲市场的大多数SR发生了联系，并且集中在较长期的阶段，尤其是在2011年至2019年期间，尽管规模不大。调查结果表明，对非洲股票的短期投资不太容易受到全球经济政策不确定性的影响。